The Cover-ups of John McCain – Saudi Bank Raiders and Junk Bond Kings
Posted by AZBlueMeanie:
Remember the BCCI bank scandal? Charles Keating and the Savings & Loan scandal? Ken Lay and the Enron scandal? These scandals have all but disappeared down the memory hole for our local yokel political reporters who apparently suffer from amnesia. John McCain is hoping that voters also have a short memory or suffer from amnesia.
Part 2 of the report by Mark G. Levey explores "McCain’s 30-Years of Service to Saudi Bank Raiders and Junk Bond Kings." Read the full report here Election Fraud News. Snippets from the report:
"From BCCI, to Milken’s Junk Bond Kings, to Jack Abramoff, Senator John McCain has long provided the clean All-American face to the dirty job of cleaning up after the looting of America.
Senator John McCain has made a career out of serving the Kingdom of Saudi Arabia and its army of lobbyists, bagmen, and corrupt bankers during the last three decades.
In the process, he has done his part to cover-up BCCI’s looting of American banks and S&Ls… and more than anyone else, limited the public’s awareness of Jack Abamoff’s wholesale foreign buyout of the GOP, activities that individually have killed the careers of other Washington luminaries. Yet, somehow, John McCain remains the last man standing. He even appears to keep his hands clean.
The Saudi-Manchurian Candidate
The Senator’s patented role as All-American influence peddler to the world now includes the latest flap over his national campaign finance co-chair’s lucrative deals as a Saudi lobbyist and revelations about possible violations of federal campaign laws.
Tom Loeffler, McCain’s finance co-chair received $15 million from Saudi clients since 2002, is just part of a long conduit in the petrodollar pipeline from Riyadh to the Senator from Arizona. The Loeffler Group, which he founded, has also represented the People’s Republic of China.
Under Loeffler, the campaign has brought in more than $50 million for McCain so far this year, far more than was raised during all of 2007 when the GOP candidate faced a weak field of primary competitors. OpenSecrets.com shows that Loeffler and his wife, Nancy, have made a total of fifteen $2,300 maximum personal contributions to McCain during the past year.
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Loeffler last month told a reporter "at no time have I discussed my clients with John McCain." But lobbying disclosure records reviewed by NEWSWEEK show that on May 17, 2006, Loeffler listed meeting McCain along with the Saudi ambassador to "discuss US-Kingdom of Saudi Arabia relations."
Another potential problem: Loeffler’s firm started paying $15,000 a month last summer to one of its lobbyists, Susan Nelson, after she left to become McCain’s full-time finance director, said a source familiar with the arrangement (who asked not to be identified talking about sensitive matters). Campaign officials were told the payments were "severance" for Nelson and that they ended by November. But in "February or March," Loeffler rehired Nelson as a consultant to "help him with his clients" while she continued on the McCain payroll, according to a campaign official who asked not to be identified talking about personnel matters. Federal election law prohibits any outside entity from subsidizing the income of campaign workers.
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McCain is, indeed, in good favor among the Saudi and Gulf elites. Bloomberg reports: Bloomberg.com: Politics ("McCain Iraq, Iran Policies Make Him Favored Candidate to Saudis," By Hans Nichols and Janine Zacharia)
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Like the Bush Family, McCain had his Hand in the BCCI and S&L Scandals
McCain claims that his involvement in the Keating S&L scandal wasn’t really much to worry ourselves about. He was all but exonerated by his Senate colleagues, he says, let off with the political equivalent of a warning at a traffic stop. In fact, the Senate Ethics Committee was rather lenient with all five caught up in the scandal. But, that says more about the nature of the Senate than it does about the actual damage done to the American public by the financial crimes that led to the S&L collapse, itself.
The S&L crisis was all about oil, junk bonds, and deregulation that allowed the two to mix. That volatile brew is still actively bubbling over, and taxpayers are still paying $30 billion annual installments toward the trillion dollar bailout.
Here’s how you got stuck paying the bill, courtesy of the Bush family and John McCain.
In the mid-1980s, world oil prices plunged which set off a long series of bankruptcies and financial takeovers when overvalued Texas and southwestern land prices collapsed. The financial panic of 1988 also followed the “reform” of federal banking rules that had allowed bank managers to trade in risky new derivatives and junk bonds.
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Huge bank holding companies scooped up looted banks and S&Ls (along with their land deeds and oil rights), bought out for pennies on the dollar after they went belly-up. The federal government even subsidized many of these purchases. The American taxpayer was left with an estimated $1 trillion bailout cost. The epicenters of this late 20th Century white collar crime wave were in Houston and Phoenix, home base for two highly ambitious GOP politicians. One was named George H. W. . Bush, and the other John McCain, III.
The Cover-ups of John McCain – Abramoff & the GOP Foreign Money Machine
Posted by AzBlueMeanie:
Senator John McCain likes to claim credit for rooting out the corruption of lobbyist Jack Abramoff to burnish his alleged "maverick" reformer image. Yeah, not so much. McCain’s job was actually to limit the scope of the damage caused by Abramoff’s lobbyist ties to GOP legislators and the White House.
McCain did not entirely succeed in his task. On Monday, the House Oversight and Government Reform Committee released hundreds of pages of documents which show that Abramoff regularly communicated with former White House political adviser Karl Rove and his deputies regarding the administration’s domestic agenda.
Abramoff, who pleaded guilty two years ago to corruption charges, had 485 lobbying contacts with White House officials between January 2001 and March 2004, including 170 meetings over meals and 16 meetings over drinks, the report said. Read the report here http://oversight.house.gov/abramoff/docs/abramoff.pdf
Part 3 of the investigative report by Mark G. Levey explores "Senator McCover-up: Abramoff & the GOP Foreign Money Machine." Read the full article here Election Fraud News and The Money Party . Snippets from the report:
"Senator John McCain has proved to be Jack Abramoff’s best friend.
As Chairman of the Senate Indian Affairs Committee from 2005-2007, McCain was instrumental in suppressing evidence of Jack Abramoff’s role in directing illegal foreign payoffs to ranking members of the Republican Party.
McCain also did a big favor for Abramoff’s principal partners in crime, Grover Norquist and Ralph Reed , identified in the 2006 Committee report as key players in the Choctaw Indian and Marianas Island scandals. Not one of the principal witnesses in the matter were compelled to publicly testify by McCain’s panel. The Committee also sequestered 99 percent of the documents it received, and these remain locked away, unseen by the public, in Senate files.
But there’s much more to the scandal than the Indian tribes rip-off McCain did disclose. The strand that runs through all the Abramoff-McCain relationship is foreign money – many, many millions – that Jack, Grover and Ralph funneled to GOP leaders from some of the world’s worst bad guys as part of a foreign influence-peddling operation.
Senator McCover-up: Why McCain Was Chosen by GOP Leadership to Oversee the Abramoff Investigation
By late 2005, it was becoming clear as the Justice Department started scratching the surface of Abamoff’s influence-peddling network that its exposure was going to be politically explosive, and that it was going to blow up the Republicans. Details started coming out that showed the scandal was more sinister than the mere rip-off of Indian tribes by their Washington lobbyists.
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The Republican Congressional leadership recognized the problem. McCain was perfectly positioned to be the one to manage it. He had previously served as the Chairman of the Indian Affairs Committee, and most importantly, he had some credibility as a “maverick” reformer and a track record of highly publicized enmity with one of the primary suspects as a base to build on. McCain’s talent for damage-control was demonstrated early-on in his Senate career, when he survived his involvement in the Keating Savings & Loan scandal.
McCain Covered Up the Malfeasances of his Fellow Senators
So, in 2005, “Straight-Talk” McCain was the natural pick as Chairman of Indian Affairs to replace the former Chair Ben Nighthorse Campbell after his sudden resignation.
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The inquiry initially had a limited mandate. The committee stated it would look into the exploitation of several American Indian tribes by Abramoff and a close circle of GOP lobbyists, including Michael Scanlon, Ralph Reed, and Grover Norquist. Amazingly, none were ever put on the stand under oath and publicly questioned by the Senate Committee. Norquist and Reed were never issued subpoenas to appear. Abramoff and Scanlon refused to testify after being subpoenaed. Chairman McCain settled without much apparent fuss on hearing from a few underlings.
(Note: Senator Conrad Burns (R-Mont.), House Majority Leader Tom DeLay of Texas, Rep. Bob Ney (R., Ohio), and Rep. John Doolittle (R., Calif.), are the subjects of ongoing Justice Department investigation into Abramoff’s lobbying activities. Bob Ney has plead guilty to corruption charges).
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